Kraus, Alan & Litzenberger, Robert H, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, American Finance Association, vol. Kraus, A. and Litzenberger, R.H. () A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, A. Kraus and R. Litzenberger, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, Vol. 28, No. 4, , pp.

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The increasing adjustment speeds are attributed to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.

A State-Preference Model of Optimal Financial Leverage

However, afterthey an their leverage adjustments at a speed as fast as that documented in the developed markets. We have no references for this item.

Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item.


Download full text from publisher File URL: Scientific Research An Academic Publisher. General contact details of provider: Thirdly, Chinese firms have an optimal market-based leverage ratio.

EconPapers: A State-Preference Model of Optimal Financial Leverage

Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: This allows to link your profile to this item.

Evidence from Chinese Listed Companies. Toward a Responsible Capitalism: The Journal of Finance, 28, You can help adding them by using this form. In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Chinese listed companies during its most rkaus transition period after year See general information about how to correct material in RePEc.

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A State-Preference Model of Optimal Financial Leverage

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Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the same regression.

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If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. RePEc uses bibliographic data supplied by the respective publishers. Kraus, Alan Litzenberger, Robert H. Theoretical Economics LettersVol.

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